What I’d Like to Teach my Tenants About Money

26. September 2016

Squad. I hate to mislead you but this isn’t a typical content-based blog post. But if you could hold back your tears and cursing for a minute I have some exciting news to share! I had the privilege of writing an article for the incredible community over at Budgets Are Sexy. I feel the content will bring serious value to the audience over there, and of course to you all as well! So follow the link below and give the post a read. Comment on it. Ask questions. Post selfies. While you’re at it, check out the rest of the what J Money has to offer. The dude is an incredible writer and does not shy away from telling it like it is.

What I’d Like to Teach My (Dumb-Ass) Tenants about Money

 

 


2 thoughts on “What I’d Like to Teach my Tenants About Money”

  • 1
    -"Max" Max Speedwell on September 26, 2016 Reply

    Interesting owner-tenant situation. Years ago I had a truckload of rentals. Some under a management company, and some self managed. The management company was strict and I noticed they had fewer tenant problems than I did with the self-managed properties. Check your agreement:
    *Can your raise the rent if the payment is delinquent?
    *Are there penalties for late payments?
    *Can you evict or send notice for delinquent payments?

    Rental property can be a headache but bad tenants can make it a nightmare. I had a great tenant (my best tenant) who’s boyfriend dropped by, got mad and punched a hole in a door. The management company evicted her. I had a tenant who was late for all but a few of 120 payments. She stayed. Both situations worked out for the best.

    Because you have tolerated them being late are you now without remedy? Did this give them conscript or permissive rights? Again, gotta check the rental contract.

    As for you and your tenants, take a lesson from my life….
    Is your/their career secure? Maybe, but not 1/10th secure
    as mine. Did/do you/they have a high income? Me too.
    Do you/they have benefits that would make a congressman
    Jealous? I sure did!

    That big income, fantastic benefit package, and 100% total
    job security was gone in a heartbeat.

    I was prepared but still financially devastated. Save, plan,
    Prepare. Many don’t pay attention to the financial weather,
    but I see storm clouds gathering.

    -“Mad” Max Speedwell

  • 2
    Markie on September 26, 2016 Reply

    Thanks for the thoughtful comment, Max!

    The rental contract does allow me to charge late fees for delinquent payment. However, enforcing this is difficult as I have a hard time justifying going through the eviction process over unpaid late fees. This can absolutely come back to bite me in the ass, but my current thinking is that while my tenants are not ideal, they’re good enough. Meaning, they are current in actual rent payments, they take care of my house, and they are extremely low maintenance. I could go through the expensive headache of evicting and find new tenants that make the current ones seem like angels! 🙂

    Its great to hear from a seasoned landlord. Being very new to this game, I welcome any opportunity to learn from the veterans!

Leave a Reply

Your email address will not be published. Required fields are marked *